Date: 2021-03-11 19:10:09
THE LARGEST ACCUMULATION ZONE IN BITCOIN HISTORY
In a recent video I audaciously claimed, nay, proved, whales were buying Bitcoin under $50k. Averaging $48k per. I actually completely underestimated just how much buying recently took place, just how hard these whales aped in, it was almost unlike anything Bitcoin has seen before. Allow me to demonstrate, and share with you why I think they are doing this. Because I believe these buyers can see the writing is on the wall. The wall of money. The following comes from blockchain analytics firm Glassnode. This chart plots the amount of Bitcoin that was moving around at certain price points. So we can see the most amount of Bitcoin that moved was at the $3.5k levels, which signalled the bottom of the bear market, second at the $9k levels. And recently we saw a lot of popularity between $46 and $48k. Not all that interesting, at first glance. But I assure you this is mind blowing. Bitcoin spent months if not nearly an entire year in total at some of these price levels, giving people ample time to transact. We spent just days at these price levels. The fact that this much movement was recorded on chain is staggering. Is it good for Bitcoin? Or has it peaked? You’ll be surprised to learn, that it is in fact good for Bitcoin. The reason being that, technically if people were all taking their Bitcoin out of their hardware wallets to sell on exchanges, it would produce a similar result on this chart, but that’s not what we’re seeing. In fact we’re seeing the exact opposite. A literal mass exodus of Bitcoin from exchanges to personal wallets.
Disclaimer: I am not a financial adviser and this is not financial advice.
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